By Senziwani Sikhosana
Following a recent public announcement by Access Finance Group, a local remittance and financial services company, that its chief executive Singathini Raymond Chigogwana is retiring and would be replaced by Salim Eceolaza, it became clear that there has been some material shareholding and structural changes at the business.
The notice said Eceolaza, who took over from Chigogwana on 1 October, is a “representative shareholder” in the company’s new equity structure. This means there is now at least one new shareholder in the business. Chigogwana remains on board as a non-executive director.
These changes affect me as a former shareholder who has not been fully paid for his shares. Although I have received cash payments, there is still some settlement through real estate which is outstanding. I have been given control of three townhouses in Harare which are part of the transaction, but not the title deeds to the properties.
Thus the announcement on 19 September 2023, which surprised some in the remittance business, triggered keen interest on my part as a former shareholder who still has a vested interest in the company. I was also interested in it as a banker and businessman who follows market developments and trends.
CBZ Holdings Limited (CBZHL) is close to buying a controlling stake in ZB Financial Holdings Limited (ZBFHL) as it aims to become a financial services behemoth able to attract foreign investment to support national development projects.
FBC Holdings Limited (FBCH) invested in hedged assets to mitigate against the Zimbabwe dollar (Zimdollar) depreciation in the half year ended June 30, 2023, contributing to total income of nearly ZWL$854 billion. During the period, the Zimdollar lost over 90% of its value.
Jamboo, the groundbreaking UK domiciled 100% digital banking fintech for global African migrants, is delighted to announce Dr. Duarte da Silva is joining the business as Chief Adviser.
By Eddie Cross
These past two weeks we have seen the local currency crash, panic over the real value of our USD accounts with the banks and retail prices changing so fast the supermarkets could not keep up and simply started to price exclusively in USD. What is going on?
The first lesson is that we have learned very little from our recent history. Between 2000 and 2008, the Reserve Bank, faced with the near total collapse of the economy, started printing currency.
As they did the real value of our currency declined at an accelerating rate until in 2008, we were doubling prices every three hours. Why? That was clear when we were issued with notes with a face value of 100 trillion dollars.
The true nature of that situation was amplified when the same institution issued a one dollar note. It was like living in a lunatic asylum or a children’s playground.
